In a recent video, popular cryptocurrency analyst Nick discusses recent Bitcoin price action, focusing on hourly, daily, and weekly timeframes. He shares insights on potential market directions and key support and resistance levels.
Nick reviews Bitcoin’s hourly chart and notes a deviation from previous expectations for an upward breakout. The recent move downward on the hourly chart suggests a potential significant break to the downside. On the hourly timeframe, the target range for the downside is between 26,990 and 27,153.
On the daily chart, the bearish structure remains intact unless Bitcoin breaks above 28,588. The target range for further downside on the daily chart is 22,477 to 23,787.
On the weekly timeframe, Nick discusses the concept of overlapping candlestick structures and its potential impact on Bitcoin’s price. The weekly chart shows the stochastic RSI shifting up, but Nick expresses concern about its fast movement and the potential for further downside.
Nick’s technical analysis suggests that Bitcoin is facing a bearish outlook in the short to medium term. However, he also mentions the historical tendency for October to be a green month, so the outcome for October remains uncertain.